16086. Mckean County Trust Company (Bradford, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
October 23, 1931
Location
Bradford, Pennsylvania (41.956, -78.644)

Metadata

Model
gpt-5-mini
Short Digest
63d46ea41d64a30b

Response Measures

None

Description

Newspapers (Oct 23, 1931) report the McKean County Trust Company of Bradford was placed in the hands of the Pennsylvania State Department of Banking (i.e., closed/ taken by the banking department). No article describes a depositor run prior to suspension. A receiver/department control is indicated, so classified as suspension leading to closure/receivership.

Events (2)
1. October 23, 1931 Receivership
Newspaper Excerpt
The McKean County Trust Co., one of the oldest banks in Bradford, was in the hands of the State banking department today.
Source
newspapers
2. October 23, 1931 Suspension
Cause
Government Action
Cause Details
Placed in the hands of the Pennsylvania State Department of Banking (banking department closed the institution).
Newspaper Excerpt
The State Department of Banking today announced the closing of ... the McKean County Trust Company, Bradford.
Source
newspapers

Newspaper Articles (2)
1. October 23, 1931 The Times Trenton, NJ
Article from The Times, October 23, 1931

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Article Text

BANKS ARE CLOSED HARRISBURG, Pa., Oct. 23 The State Department of Banking today announced the closing of the Valley Deposit and Trust Company, Belle Vernon, and the McKean County Trust Company, Bradford. No figures as to the amounts involved were made public by the department WILLIAMSVILLE, Y., Oct 23 open for business today Buffalo banks sent $500,000 to the Bank of Williamaville. the other financial institution here. to safeguard It after the Amherst Bank closed. There was no run on the no excitement among depositors here.

2. October 23, 1931 Evening Star Washington, DC
Article from Evening Star, October 23, 1931

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Article Text

TWO BANKS CLOSED Bradford and Belle Vernon Institutions in Pennsylvania Suspend. BRADFORD. Pa., October 23 (P).The McKean County Trust Co., one of the oldest banks in Bradford, was in the hands of the State banking department today. In a statement, September 29. the bank reported resources of $3.984,525.75 and deposits of $3,172,533.30. BELLE VERNON, Pa., October 23 (AP). -The Valley Deposit & Trust Co. here was placed in the hands of the State banking department today. J. D. Swigart, chief examiner. said the bank had deposits of approximately $1,000,000.